Borsa Istanbul builds blockchain-based database system

Borsa Istanbul builds blockchain-based database system

ANKARA/ISTANBUL - Anadolu Agency

Turkey’s BorsaIstanbul has developed a blockchain-based system for healthy information flow among financial institutions, it announced on Sept. 5.

“With the blockchain-based project, which was prepared by the BorsaIstanbul IT team, information in the customer database of BorsaIstanbul, Istanbul Clearing, Settlement and Custody Bank [Takasbank], and the Central Securities Depository of Turkey’s [MKK] has been synchronized,” the bourse said in a statement.

Within the scope of the project, which was designed under the Know Your Customer (KYC) concept, the addition of new customers, information editing and document management will be carried out on the blockchain network, the statement read.

“In this way, possible mistakes in information input into the database will be avoided […],” it added.

The BorsaIstanbul said the application’s security substructure is based on blockchain and its technical substructure enables the system to carry out a large number of operations.

“If required, the application can be used in other projects,” the statement said.